SIDBI Ties with Incuspaze to Provide Subsidized Office Space to MSEs and Startups

Indian development financial institution, Small Industries Development Bank of India (SIDBI), has announced that it has partnered with Gurugram-based co-working startup Incuspaze for launching a co-working facility in Delhi for its micro and small enterprises (MSEs) and startup customers.

The objective of setting up this co-working space is to fulfill SIDBI’s vision to support entrepreneurship by providing MSEs and startups a well-equipped and well-managed space to meet their hourly, daily, weekly or monthly office requirements.

SIDBI and Incuspaze will develop, maintain and operate the co-working faility that would offer subsidized office space to MSEs and startups.

This vibrant co-working space residing in the heart of Delhi would offer all the service partners, assistance from SIDBI for awareness about its initiative that would help startups gain multi-fold benefits like video conferencing facility to its MSE and start-up members. SIDBI would also be devising a suitable MSE Accelerator program which will fuel the growth of companies operating from this co-working space.

Incuspaze charges Rs 5,000-14,000 based on the centre where the customer is for per seat and per month. However, MSEs and startups associated with SIDBI would get 20-25 per cent discount per seat.

Commenting on the collaboration, Shri Mohammad Mustafa, IAS, Chairman and Managing Director, SIDBI said, “In our journey to promote MSEs and startups, we believe this collaboration would mark the next step in elevating and strengthening this ecosystem. Incuspaze has been receiving good response in the country because of the quality of services and amenities that it offers to its members and thus, we decided to work with them. We strongly believe that through this project we would collectively be able to make a difference in the growth trajectory of MSEs and support their vision.”

The newly launched Incuspaze center

Since its formation in 1990, SIDBI has been impacting the lives of citizens across various strata of the society through its integrated, innovative and inclusive approach. Be it traditional domestic industry, small units, bottom-of-the-pyramid entrepreneurs, medium enterprises to high-end knowledge-based industries and export promotions, SIDBI has directly or indirectly touched the lives of more than 360 lakh people in the MSEs sector, through various credit and developmental measures.

Sanjay Choudhary, Founder & CEO of Incuspaze said, “We are extremely excited about this partnership with SIDBI. The MSE sector makes a substantial contribution to the growth of the country and we believe that through this partnership we would be able to ease some of the pressure on them by providing them with a well-managed space and lot of multi-fold benefits focused towards startups. Keeping SIDBI’s ethos in mind, our aim is to facilitate a hassle-free co-working environment for MSEs where any small or medium business owner will get the opportunity to have their space to work, connect with network resources that would prove to be helpful in growing their business. The project is currently in its development stage and we are looking at inaugurating it in the next two month.”

Launched in 2017, Incuspaze is a chain of premium co- working spaces currently situated across key tier 1 and tier 2 cities in India. Brainchild of first-generation entrepreneur Sanjay bChoudhary, the company was established in 2017 with a vision to develop a trusted network of co-working spaces across 30 Indian and eight international locations by 2022. The firm also intends to reach a milestone of 100,000 members by then.